China's public cloud services market (IaaS/PaaS/SaaS) reached $18.84 billion in the second half of 2022, according to the latest report from International Data Corporation (IDC). The IaaS market saw year-on-year growth of 15.7%, while the PaaS market grew at 31.8%. Compared to the first half of 2022, the combined IaaS and PaaS market growth slowed to 19.0%, a decline of 11.6%.
The report highlights that exchange rate fluctuations have significantly affected the dollar market share data.
Global economic conditions in the second half of 2022 resulted in a higher USD-CNY exchange rate than in the same period in 2021, exacerbating downward pressure on the dollar growth rate for some Chinese cloud service providers.
The ongoing three-year pandemic has profoundly impacted the overall IT market environment, causing instability in the public cloud market. Upstream enterprise budget cuts and extended construction cycles have hindered public cloud market growth, resulting in a gradual d...
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